Donor gives
r $500,000
0school for
student
speculation
EUSTIS, Fla. (AP)-A well-to-do
widow donates $500,000 to a small
university.
So? Nothing too unusual about
that. But wait.
The recipient is Stetson Univer-
sity, in nearby Deland. The donor is
Sarah George. Mrs. George is 80.
Her years have not dulled her sense
of perspective. Nor her sense of
humor. Nor, clearly, her sense of
adventure.
THAT BECOMES apparent when
you take a look at the strings that the
sprightly lady attracted to her half-
million-dollar gift.
In memory of her husband, a life-
long Wall Street investor, Mrs.
George approached Stetson Univer-
sity with this proposition:
The Michigan Daily-Sunday, November 9, 1980-Page 7
Artist brings family back to life
through exhibit at Winter Art Fair
George
... cash is for "the experience"
She would give Stetson University
$500,000 provided the students in an
advanced course in investments
control the whole bundle and
speculate with it themselves, win or
lose.
"If they lose it," George said, ever
so softly, "Well, they will have lear -
ned something by the experience.
"If they make money, they are to
use the earnings to pay a salary for a
visiting instructor. Not an
academician," she said, her voice
firm, "but somebody who will take
time off from Wall Street. for a
semester. A practicing investor."
By JULIE HINDS
Nancy Camden Hauser is able to do
something through her artistic ability
that seems impossible-she brings her
family back to life.
Hauser, one of more than 280 artists
currently exhibiting works at the
seventh annual Ann Arbor Winter Art
Fair at the Track and Tennis Building,
creates soft-sculpture dolls based on
family photographs and memories of
her rural Indiana childhood.
DOLLS RANGING from simple far-
mers to Amish couples are found in the
exhibit. Hauser creates detailed .thir-
ties-style outfits and carries the period
authenticity even to the naming of the
characters. "I look in the papers for
50th wedding anniversaries to get the
names," she said.
Hauser says the dolls are worthy of
artistic merit because of their realism.
"I don't want them to be caricatures,"
she emphasized. "They can be
humorous, but I don't want them to turn
into cartoons."
Most of her clientele comes not from
those who have lived through the
Depression era, Hauser says, but from
young people who find the dolls
reminiscent of relatives and neighbors.
"A woman in her twenties bought one
because she said it looked exactly like
her grandmother," Hauser said.
"I DON'T understand the fascination
with the period myself," a passerby
said. "I grew up in the thirties and we
looked like that because there was no
money to dress better."
Many of those who saw the exhibit
said they wanted their relatives
recreated through the sculpture.
"Many people ask me to make one for
an aunt or uncle, but it's too difficult if I
don't know the personality," Hauser
said.
The exhibit was crowded yesterday
with curious onlookers, but Hauser said
she finds business "less than I expec-
ted."
Since she switched two years ago
from a career in graphic arts to soft
sculpture dolls, Hauser said, business
has been "barely" profitable.
"Many (dolls) that I've become at-
tached to I've had to sell anyway," she
said. "I can't afford to save any yet."
The fair ends at 6 p.m. today.
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Loophle logic
Taxpayers need pro advice, CPA
NEW YORK (UPI)-The individual allowed those who buy another house U.S. government checks.
axpayer and businessowners often within 18 months to minimize or avoid .Both individuals and companies are di
all into financial traps because they capital gains tax. careless about endorsing checks
now- so little about taxes and accoun- IF YOU SET UP a small, closely-held reg
litte I YO SETUP smll, losly-eldwithout restrictions such as " for self
ng, says a Boston CPA. corporation, you need an accountant's deposit only." Considering the sef
Michael Tulman says many more advice, he said, to make sure it is not prevalence of theft and the ease with se
ersons need the services of~in accoun- classified as a personal holding com- which non-restricted checks can bebu
rnf than realize it. That's beating the pany rather than a business operating cashed by thieves these days, Tulman bu
for his trade, of course, but company since income from a personal said, this is unwise practice. tra
lman does make some interesting holding company can be taxed at 70 Another bit of slipshod practice ac- sha
oints. percent. The IRS considers the source countants see frequently, Tulman said,
For instance: of the company's income in deter- is a discrepancy between the amount i cent
MOST TAXPAYERS know they can mining how it will be taxed en the amount i ha
ake a once-in-a-lifetime tax-free Traps for businessmen are more ten out. Many banks reject such checks api
apital gain of up to $100,000 if they sell numerous and more stark. For exam- he said while others pay the amount fe
leir home after reaching age 55. Many ple, Tulman said, an accountant will try written out. the
on't realize, Tulman said, that if they to keep a troubled businessman from ulmn. cited numerous disputes de
ave used part of the house for busiess letting lenders pressure him to dump with the tax authorities that can arise
nd deducted part of its upkeep, then goods to pay off debt. Instead the ac-
must be paid on the capital gain in countant will try to stretch out the
e same proportion as the percentage loans. EVERY SUN
educted. The remainder is tax free. When businessmen get into trouble,
Conversely, many persons don't they tend to relax credit standards SPECIA L ITA LIA
now you can rent out a vacation home toward customers. Tulman said a
>r up to 15 days a year without good accountant generally will insist on ALL YOU CAN EAT
eclaring the income for taxes, Tulman just the opposite course.
aid. ACCOUNTANTS FIND examples of $4.45
If you rent out your principal incredible carelessness in the way Soup and Salad Bar
sidence for more than a year and then business firms and individuals handle
ill it, Tulman said, the IRS may decide checks. They sometimes hold them as ours: 2 m until Midnight-
e house is an investment property and long as six months when banks will us: pm until d
ny you the tax deferral normally ' refuse to honor them unless they are Buffet open until 9 pm
I
says
r so-called insured health plans for
ividuals and companies that the IRS
ards as not really insured plans but
insurance-with definite tax con-
juences.
e also cited ways in which a
miess can avoid tax on the ap-
ciation of real estate it owns by
nsferring the real estate to a
reholder owning more than 10 per-
t of the company in return for the
reholder's stock. That shifts the
tal gain tax on the appreciation to
stockholder who pays on the dif-
nce between the current value of
real estate and what' the IRS
des his stock cost him.
DAY
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-~
Cooney at the Ark
(Continued from Page Five)
efinition of folk music from one
1other and change to suit their own
nderstanding. This passing on can
istort a song-as in the story of the ten-
ear-old boy, whom, Cooney says, sang
e ants are my friends/is blowing in
wind." Undetered, most of Cooney
)ngs come from this person-to-person
,adition.
Barely through with his definition-of-
lk-music tangent, and Cooney was off
' another-novelty songs: "Drop
ck me Jesus/Through the goal posts
life." Cooney was at his best here,
ith the full house at the Ark effor-
essly at his fingertips. "Most country
usic is novelty music," says Cooney
[t's summed up in this chorus:"
I don't know you
rom A dam/
ut if you're gonna play that juke
box
(ease don't play A-11
Despite his many diversions, the
sheer length of his show-three
hours-allowed Cooney to sing a good
deal of solid folk music. Calling on
singer-songwriters like Leadbelly,
Melvena "Little Boxes" Reynolds, Pete
Seeger, Larry Hanks and others,
Cooney's show included songs such as
"In the jail house now", "The Sheep
Shearer", "Apple Picker's Reel", and
"John Henry" among others.
Throughout the perforMance Cooney
switched back and forth from his ban-
jos to his 6 and 12 string guitars, har-
monica and concertina. The music it-
self varied from bluegrass to ragtime.
with a little blues thrown in and even an
occasional topical protest song.
Cooney's is as-varied a musical per-
formance as any to came recently to
the Ark.
He succeeded in delighting the
audience, yet he owed this not so much
to his talents as a singer Friday night,
but rather due to his unmatched
abilities in ad-libbing and collecting
songs that, if necessary, will carry
themselves.
----- ------- -----------
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Nov. 14
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